Mortgages
There are many types of mortgages available ranging from residential to overseas mortgages including buy to let and commercial.
Here is a brief description of some of the mortgage types (click to view):
The Buy to Let market has for many years been very popular due to continuous rising house prices. The professional and first time landlord who have entered this arena in order to provide them with an income in later years similar to a pensionable income will have opted for the traditional capital and interest repayment mortgage, this way they can feed the rental income in to the loan with a view to reducing the capital balance as quickly as possible. The result is an 'unencumbered' asset to do with as you wish but most investors looking to maximise the difference between the monthly payments and the rental income will opt for an interest only type mortgage.
The Financial Services Authority does not regulate some forms of buy to let or commercial mortgages.
Commercial mortgages are usually taken out to buy a commercial property such as offices, pubs, retail outlets and factory space with a view to gaining from capital appreciation and/or rents. They can also be used by the professional property investor to fund and develop their buy to let residential property portfolio. The repayments on a commercial mortgage can also be fixed which is usually atttractive to most business as they can forecast their monthly expenditure well in advance.
The Financial Services Authority does not regulate some forms of buy to let or commercial mortgages.
With an equity release scheme, you have to be over a certain age (typically over 50) and own your own home. You can get a cash lump sum, a regular income, or both, to use as you wish. You can continue to live in your home and be responsible for maintaining it.
The equity (value) you have in your home is its open market value less any mortgage or other debt held against it.
Equity Release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, ask for a personalised illustration.
CHECK THAT THIS MORTGAGE WILL MEET YOUR NEEDS IF YOU WANT TO MOVE OR SELL YOUR HOME OR YOU WANT YOUR FAMILY TO INHERIT IT. IF YOU ARE IN ANY DOUBT, SEEK INDEPENDENT ADVICE.
For many years most individuals only dreamt of owning a property abroad but with growing equity combined with the introduction of more mortgage lenders willing to lend abroad and with more flight operators flying to more destinations has meant that this market is rapidly becoming an important part of the mortgage industry. The type of mortgage arranged and size of loan offered will depend on the country you are buying in, and whether the mortgage is secured against your property in the UK or on the property you are buying. We can also introduce you to many Real Estate and Developer contacts who can provide you with details of properties that are available to buy in countries ranging from America and the Caribbean to Spain and the continent.
Changes in the exchange rate may increase the sterling equivalent of your debt.
The Financial Services Authority does not regulate overseas mortgages.
Farrell Independent Ltd is an Appointed Representative of Pink Home Loans. Pink Home Loans is a trading name of Advance Mortgage Funding Ltd, which is authorised and regulated by The Financial Services Authority.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Each of these mortgages require specialist professional advice and we recommend that you contact us on 020 8669 9938 to speak with one of our advisors or if you prefer, please complete the contact form on our website and we will get back to you very soon to discuss your requirements in more detail.
"REMEMBER YOU ARE IN SAFE HANDS WITH FARRELL INDEPENDENT LTD SO TALK TO ONE OF OUR ADVISORS TODAY FOR PROFESSIONAL ADVICE."
